A developer is offering home buyers mortgages at 3.5% with a 30-year term. Current rates are 4.20%. The loans terms are based on monthly compounding and monthly payments. A bank will provide the loans if the developer pays an equivalent amount up front to buy down the interest rate. If a house was sold for $2 million with a 75% loan, how much would the developer have to pay the bank to buy down the loan?